Bitcoin

Grayscale Bitcoin Trust

Rekt

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 Bitcoin analysis flags liquidity waiting in the wings above and below the current BTC price range, while GBTC erases more of its discount.
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 Bitcoin (BTC) ranged around the key $26,800 mark for a second day on Oct. 13 with a <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a> due in United States regulators’ battle with crypto investment giant Grayscale.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/13/7e2af2e1d7a62dfe298c5f8598ef540d.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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 <h2 id="bitcoin-lurks-between-major-liquidity-clouds">Bitcoin lurks between major liquidity clouds</h2>
 Data from Cointelegraph Markets Pro and TradingView confirmed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> barely changed from the day prior, acting in a narrow corridor.
 Bitcoin market analysts weighed potential catalysts, among these the U.S. Securities and Exchange Commission, (SEC) choosing whether or not to appeal a court ruling over its refusal to allow a Bitcoin spot exchange-traded fund (ETF).
 “Today is an important day with the SEC Appeal on the Grayscale ruling,” Michaël van de Poppe, founder and CEO of MN Trading, wrote in part of an X post.
 <blockquote>
 “If nothing happens, we might be seeing a case where Bitcoin reverses upwards in the coming weeks. I'm positioned long.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/13/75e57994d4d221e88c0d1b5927f363d0.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Michaël van de Poppe/X
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 Macro data prints were due to take a break, following a series of releases through the week, which all showed inflation more persistent than market expectations had predicted.
 Summarizing possible BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trajectory from here, popular trader and analyst Credible Crypto saw cause for modest optimism.
 “We have a very clear and seemingly controlled ‘stairstep’ down on price here. Clear low timeframe breakdowns, retests, and continuation,” he explained alongside a chart.
 <blockquote>
 “We are leaving behind equal lows right below us, so ideally I'd like to see these cleaned up before a reversal. Considering we have bids stacked above and below us, a push to the local highs into asks followed by a rejection and sweep of our lows into the waiting bids and local demand seems like the perfect way to form a reversal here. Let's see how things develop.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/13/bcccc994b0e7c185ce155beb1eafdf10.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Credible Crypto/X
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 Fellow trader Daan Crypto Trades noted BTC/USD moving within a zone between two liquidity clouds, with a reaction more likely should spot price reach either one.
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 #Bitcoin Liquidation Map Big zones at $26.5K &amp; $27K. Would expect some sort of ssqueeze to occur at those areas. pic.twitter.com/VW6YYPkMe4— Daan Crypto Trades (@DaanCrypto) October 13, 2023
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 Trader and analyst Rekt Capital meanwhile placed a target of $25,000 on Bitcoin should bulls fail to reclaim exponential moving averages (EMAs) lost through the week.
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 #BTC Needs to reclaim at least one of these EMAs as support to avoid a drop into the $25k-$26k area$BTC #Crypto #Bitcoin pic.twitter.com/ywRkdM07uw— Rekt Capital (@rektcapital) October 12, 2023
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 <h2 id="gbtc-claws-back-more-lost-ground">GBTC claws back more lost ground</h2>
 Ahead of the appeal deadline, Grayscale’s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to outperform.
 Related:&nbsp;Did SBF really use FTX traders’ Bitcoin to keep BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> under $20K?
 The focus of the legal proceedings, GBTC will end up as a spot ETF, Grayscale has said, with an early victory for the firm seeing its fortunes turn around through Q2.
 On Oct. 11, GBTC hit its smallest discount to net asset value — the Bitcoin spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> — since December 2021.
 The discount, technically a negative premium, reached -16.44% before dipping slightly lower, per data from monitoring resource CoinGlass.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/13/3d294c46c74ce404a653036149695768.webp" alt="" title="">
 <figcaption style="text-align: center;">GBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-gets-new-25k-target-as-sec-decision-day-boosts-gbtc-tbt66238.html">https://thebittimes.com/bitcoin-price-gets-new-25k-target-as-sec-decision-day-boosts-gbtc-tbt66238.html</a>

Bitcoin price gets new $25K target as SEC decision day boosts GBTC

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